The following is a statement from North American Securities Administrators Association President and Texas Securities Commissioner Denise Voigt Crawford calling for Congress to increase the regulatory responsibility of state securities regulators over investment advisers:

“States have both the will and the ability to regulate. The state system of investment adviser regulation has worked well with the $25 million threshold since it was mandated in 1996. The states have developed an effective regulatory structure and enhanced technology to oversee investment advisers. Increasing the threshold to $100 million would reduce the SEC’s examination burden and allow the agency to focus on larger firms and other market issues.

“Government never has enough resources to do everything, but it’s clear that states have done a much better job at deploying their limited resources. States are ready to accept this increased responsibility.”